October 05, 2020 / 09:54 AM / by DMO/ Header Image Credit: Brand Spur
Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates
2-Year FGN Savings Bond due October 14, 2022: 2.453% per annum
3-Year FGN Savings Bond due October 14, 2023: 3.453% per annum
Opening Date: October 5, 2020
Closing Date: October 9, 2020
Settlement Date: October 14, 2020
Coupon Payment Dates: January 14, April 14, July 14, October 14
Summary of the Offer
Federal Government of Nigeria ("FGN")
Units of Sale
N1,000 per unit subject to a minimum Subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000.
Bullet repayment on the maturity date
1. Qualifies as securities in which trustees can invest under the Trustee Investment Act.
2. Qualifies as Government securities within the meaning of Company Income Tax Act (â€œCITAâ€) and Personal Income Tax Act (â€œPITAâ€) for Tax Exemption for Pension Funds, amongst other investors.
3. Listed on The Nigerian Stock Exchange.
4. Qualifies as a liquid asset for liquidity ratio calculation for banks.
Backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.
Interested investors should contact the stockbroking firms appointed as distribution agents by the debt management office.